Credit Suisse on verge of selling JO Hambro IM

Credit Suisse is on the verge of selling its UK wealth arm JO Hambro Investment Management (Johim).

The investment bank has been sounding out potential buyers since last May for the business it originally paid £100 million for 12 years ago.

After a series of talks the investment bank has now whittled down the list of interested suitors to just one.

A spokesperson for Johim told Wealth Manager: 'In response to recent media enquiries we can confirm that negotiations for the sale of JO Hambro Investment Management by Credit Suisse are continuing with a party interested in acquiring the company together with the management team.'

Johim, founded in 1986 by Richard Hambro, David Chaplin and Lord Balniel, maintained its identity following it acquisition by Credit Suisse, which chose to keep it separated from its private banking operations.  

Based in St James's Square, London, the firm employs around 100 people, including 20 portfolio managers with direct client relationship responsibilities.

The news comes as Swiss regulators put pressure on the nation's banks to improve their capital positions and isolate their riskier activities from their core businesses.

In response Credit Suisse became one of the first major banks to split its investment banking arm from its mainstream business at the end of last year.

Credit Suisse declined to comment on the speculation.